Swiss Central Bank Chief Resigns Over Currency Deals

Law360, New York (January 9, 2012, 10:36 PM EST) -- The president of the Swiss National Bank on Monday resigned from his position amid accusations that he improperly benefited from currency transactions he and his wife had made before the bank weakened the Swiss franc in September.

SNB President Philipp Hildebrand said Monday that “mistakes were made” in the August transactions, but that they had revealed weaknesses in SNB’s internal regulations, which he urged the bank to now focus on addressing.

Meanwhile, Thomas Jordan, the vice chairman of the bank’s governing board, will serve as the...